The SEC filed civil charges against Danh C. Vo, CEO of VBit Technologies, alleging a $95.6 million bitcoin mining investment fraud that misled 6,400 investors and misappropriated $48.5 million for gambling and personal gifts.
The SEC alleges Danh C. Vo, founder of VBit Technologies, misappropriated $48.5M from investors who were misled about bitcoin mining capacity, using funds for gambling and gifts before fleeing the US.
The SEC charged VBit Technologies founder Danh C. Vo with fraud, alleging he raised over $95.6 million from 6,400 investors through bogus mining hosting agreements and misappropriated $48.5 million for gambling and gifts before fleeing the US.
The SEC charged Danh C. Vo with fraud, alleging his firm VBit Technologies raised $95.6M from ~6,400 investors via fake Bitcoin mining hosting agreements, then misappropriated $48.5M for gambling and gifts before fleeing the U.S.
The SEC sued Danh C. Vo and VBit Technologies for allegedly defrauding 6,400 investors of $95.6 million through false bitcoin mining promises, misappropriating $48.5 million for gambling and gifts.
The U.S. Securities and Exchange Commission has filed a lawsuit against Danh C. Vo, founder and CEO of Bitcoin mining company VBit Technologies Corp., alleging he defrauded investors out of $48.5 million. According to the SEC, Vo raised over $95.6 million from approximately 6,400 investors between December 2018 and February 2022 by selling 'hosting agreements' that promised a share of Bitcoin mining profits. However, he misrepresented the number of operational mining rigs and misused funds for gambling, cryptocurrency purchases, and gifts to family members. Vo allegedly transferred $5 million to relatives and left the U.S. after his divorce. The SEC is seeking disgorgement, civil penalties, and a ban on Vo from future securities offerings. The case highlights ongoing congressional efforts to combat crypto scams and serves as a warning for investors to verify passive income claims.
The U.S. Securities and Exchange Commission (SEC) has filed charges against Danh C. Vo, founder and CEO of bitcoin mining company VBit Technologies Corp., for defrauding investors out of $48.5 million. Vo raised over $95.6 million from approximately 6,400 investors between December 2018 and February 2022 through fraudulent hosting agreements. The SEC alleges Vo misused funds for gambling, cryptocurrency purchases, and gifts to family members, including $5 million transferred to relatives. Vo left the U.S. with remaining misappropriated funds after his divorce in November 2021. VBit was acquired and is now defunct. The SEC seeks disgorgement, civil penalties, and a ban on Vo from future securities offerings. The case comes amid Congressional debates on federal measures to combat crypto scams, including a proposed bipartisan task force.
